Note 8 - Federal, State and Local Income Taxes (Tables)

9 Months Ended

Jan. 31, 2018

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three Months Ended January 31,						Nine Months Ended January 31,
($ in thousands)	2018			2017			2018			2017
Current tax expense:
Federal	$	222		$	851		$	2,681		$	5,424
State and local		55			166			303			506
Current tax expense		277			1,017			2,984			5,930
Deferred tax expense (benefit):
Federal		(6,014	)		(282	)		(6,326	)		(870	)
State and local		70			(326	)		(79	)		(387	)
Deferred tax expense (benefit):		(5,944	)		(608	)		(6,405	)		(1,257	)
Income tax provision	$	(5,667	)	$	409		$	(3,421	)	$	4,673

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	January 31,			April 30,
($ in thousands)	2018			2017
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM	$	10,655		$	17,742
Deferred non-cash post-employment compensation		(372	)		(619	)
Depreciation and amortization		179			454
Unrealized loss (gain) on securities held for sale		322			(366	)
Other		(42	)		-
Total federal tax liability		10,742			17,211
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM		1,298			1,206
Deferred non-cash post-employment compensation		(45	)		(42	)
Depreciation and amortization		22			31
Other		(45	)		(29	)
Total state and local tax liabilities		1,230			1,166
Deferred tax liability, long-term	$	11,972		$	18,377

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Nine Months Ended January 31,
	2018			2017
U.S. statutory federal tax rate		30.33	%		35.00	%
Increase (decrease) in tax rate from:
Effect on deferred tax liabilities from federal tax rate reduction to 21%		-65.87	%		-
State and local income taxes, net of federal income tax benefit		1.27	%		-0.39	%
Effect of dividends received deductions		-0.47	%		-0.29	%
Domestic production tax credit		-0.13	%		-0.19	%
Other, net		0.18	%		-0.65	%
Effective income tax rate		-34.69	%		33.48	%